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Answers (10)
- Bob Shallenberger, "FHA Refi Specialist"
- Contributions:22
You should have no problem qualifying for an FHA mortgage with as little as 3.5% down-payment so long as you qualify for an FHA mortgage. You should always get preapproved for a mortgage before shopping for a home with your professional, licensed Realtor.
- Linda Strasberg, "L Strasberg"
- Contributions:2315
you'll have to show 12 months mtg payment held in reserve for your existing fourplex as well as the new home you're looking to buy....figure 30% down for new home. What's the budget? Quicken is not charging any junk fees...
- Adrian Gastelum, "Mortgage.Expert"
- Contributions:47
[Deleted for self promotion]
- Bob Shallenberger, "FHA Refi Specialist"
- Contributions:22
So long as you have properly claimed the rental income and expenses on your existing property and the cash-flow is truly positive, the existing property should not hinder your ability to purchase a second property. It would be a good idea to pre-lease the unit you intend to vacate as your home. An underwriter may consider the additional future rental income in your favor...maybe more as a tiebreaker so to speak if everything is close.
If the new home you find is going to be your primary residence, you could qualify with as little as 3.5% down-payment. In addition, the seller is allowed to contribute to your closing costs which may make it easier for you to afford the home with less out-of-pocket closing cost expense.
If the new home you find is going to be your primary residence, you could qualify with as little as 3.5% down-payment. In addition, the seller is allowed to contribute to your closing costs which may make it easier for you to afford the home with less out-of-pocket closing cost expense.
- Tracy Larkins, "Cobalt Financial"
- Contributions:649
As long as you debt ratio with the current mortgage and the new mortgage, you should have no problem qualifying - There is financing available for borrowers who own up to 10 properties... Hope this helps!
- Angie Boggeman, "angie boggeman"
- Contributions:469
Did you find a property, real estate agent or lender yet. I have a lender that specializes in loans where people can get financing on up to 6 properties.
- Lisa McKnight, "Lisa McKnight"
- Contributions:303
Here's a good Loan Officer to contact regarding your mortgage purchase. She can answer your questions. Regina Ruvinova (314) 344-1199.
- Elisa Mullins, CPM, Broker, "discountrealtor"
- Contributions:515
You should just talk to a local lender either that has been working with you in the past or that is nearby the neighborhood where you live... they will be most familiar with getting you loan approval and appraisal info and loan qualification information... for your situation.. There are a lot of issues they will need to verify to see if you truly qualify in this more strict underwriting environment we are in...
good luck
good luck
- Jim Fett, "jfettstearns"
- Contributions:23
On the surface, everything sounds good. Owning a 4-plex should have no adverse affect in qualifying for a new loan as long you can verify that it pays for itself. This is often done by using the net income / loss on your tax returns or by calculating 75% of your rental income less your payment including tax and insurance. Please feel free to contact me if you need more details or if I can be of any assistance.
- John Sefton, "Your Realtor John"
- Contributions:106
Owning the income property should not hinder your possibilities of purchasing a single family home if the income is adequate on the rentals. Consult a live loan agent, not the internet sites, to be sure you are getting correct answers.
We bought a four-plex 2 years ago. What are our odds of getting a loan for a single family home now
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